Taking a Home Loan in Ghaziabad – Few Things to Keep in Mind

Ghaziabad is one of the fast developing cities in India because it’s closer to the national capital, New Delhi. Also, because the city comes under the National Capital Region (NCR), people are already looking to settle there by purchasing a home.

Even if you are of the many people looking to purchase a dream home in Ghaziabad, you can rely on a Home Loan in Ghaziabad to fund your needs at lower rates.

Yes, a Home Loan in Ghaziabad can offer you an amount as high as between Rs.20 lakh and Rs.10 crore with a host of other features.

How much you can afford and whether you have the required eligibility can be determined by using the Home Loan eligibility calculator. It is an online tool which is available at a lender’s website free.

Let’s provide you some House Loan insights and other aspects in this post. Read on!

Home Loan in Ghaziabad: Quick Features and Benefits!

Flexi Home Loan Facility

A Housing Loan borrower is free to avail an amount out of the total limit as many times as required within a tenor. What’s more, he/she needs to pay only the interest as EMIs and nothing else. The remaining amount is adjusted when the tenor ends.

Home Loan Balance Transfer Facility

If you are an existing Housing Loan account holder and paying higher Housing Loan interest rates, you can easily switch your Home Loan from one lender to another with Home Loan Balance Transfer facility. Yes, you can do that to make the most of a lower rate available with a different lender.

Top Up Loan

You can also enjoy availing up to Rs.50 lakh as a top-up loan is also offered along with Home Loan balance transfer option to help cover other needs. You also pay the lower interest rate and enjoy longer tenor to manage it without burning a hole in the pocket.

Part-prepayment and Foreclosure Facility

You can also make part-prepayment for a loan and foreclose it before the scheduled tenor. There are no charges for availing these facilities from most of the lenders.

Wider Tenor

You get a longer tenor as wider as 240 months or 20 years to repay your Home Loan in Ghaziabad. Spreading your loan in longer tenor helps you pay smaller EMIs.

Online Account Management

Leading banks and non-banking finance companies (NBFCs) let their customers access their Housing Loan information via their digital customer portal. It helps you track your Housing Loan progress right from anywhere and 24/7.

Things to Consider while Applying for a Home Loan

Now that you know the benefits that a Housing Loan can offer you, you should also consider some vital elements that will help you avail the loan without hassles.

Your Credit Score

Before applying for a Home Loan in Ghaziabad, ensure that you pull out your CIBIL Score so that you may be aware if it’s in a good state or not. Being unaware of your CIBIL Score may not see your application approved as it may be lower. Anything that’s more than 750 or more out of 900 is considered ideal by lenders to award House Loans.

Pay off Existing Debts

When you have a higher number of obligations on your head, you may be denied a Home Loan assuming that you may not be comfortable in repaying it. Thus, before applying for a House Loan, ensure you have cleared your existing loan EMIs, credit card bills, and other debts.

Shop Around for Best Deals

Another thing worth considering is shopping around to figure out best Home Loan deals suiting your affordability. You can land on a third-party website offering all offers from Housing Loan lenders and select one that suits you in the long-term.

The Bottom Line

You just went through some of the key insights related to your Home Loan in Ghaziabad desire which will help you apply for it with confidence. Happy Home Loan application!